Which of the following is listed first in a Statement of Financial Position?

Review ABM2

Quiz
•
Specialty, Mathematics
•
11th - 12th Grade
•
Hard
Jeliane Casapao
Used 1+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Asset
Income
Liabilities
Owner's Equity
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is the distinct feature of the report form of Statement of Financial Position?
It is presented horizontally.
It follows the format of the accounting equation.
It is presented vertically.
It lists all Assets first, followed by Liabilities, then Equity.
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
From which financial statement is the amount in the Owner’s Capital in the Total Liabilities and Owner’s Equity section of the Statement of Financial Position based?
Statement of Cash Flows
Statement of Changes in Owner’s Equity
Statement of Comprehensive Income
Notes to Financial Statement
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following forms of Statement of Financial Position is easier to read when compared to a different year?
account form
basic form
report form
equal form
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following accounts should be listed under the Owner’s Equity of a Sole Proprietorship company?
Common Stocks - ₱20,000
Mr. Perez, Capital - ₱10,000
Retained Earnings - ₱5,000
Preferred Stocks - ₱25,000
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Company ABC is preparing its Statement of Financial Position. Its accountant has already prepared the headings of the statement. Which of the following should the accountant do next?
Classify the assets into current and non-current accounts, and place them in the assets column.
Copy the Ending Capital and place it under the subheading of Owner’s Equity.
Compute the totals of current and non-current liabilities and total equity.
Determine the totals of current and non-current assets from the general ledgers.
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A sole proprietorship business is engaged in selling second hand cars. The business currently has 20 cars as inventory. How will the cars be classified in the Statement of Financial Position?
current asset
current liabilities
non-current assets
non-current liabilities
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